Petrol and diesel depot prices fell across Lagos, Warri, Port Harcourt and Calabar between Monday, October 26, and Friday, October 30, 2026, as marketers competed for buyers, according to PetroleumPriceNG.
Lagos recorded the steepest reductions, with average petrol prices down ₦81.67 per litre and diesel down about ₦80 per litre. The development followed a ₦55 price reduction by marketers linked to the Dangote Petroleum Refinery, bringing their petrol gantry price to ₦1,210 per litre on Friday.
Lagos records biggest petrol price cuts
Lagos emerged as the biggest beneficiary of the latest wholesale price reductions, with several major depot operators announcing lower petrol and diesel rates.
African Terminal and Ardova reduced their petrol prices from ₦1,340 to ₦1,260 per litre, representing an ₦80 reduction. Aiteo recorded an even bigger adjustment, slashing its price by ₦85 from ₦1,340 to ₦1,255 per litre. Consequently, the average petrol price across the three depots declined to ₦1,258.33 per litre.
Diesel prices also witnessed substantial reductions, offering potential relief to businesses that depend on generators, trucks and other diesel-powered equipment. Rain Oil and Wosbab reduced their diesel prices by ₦95 to ₦1,805 per litre. Similarly, Integrated, African Terminal, Gulf Treasure and Duport lowered their prices by ₦90 to ₦1,810 per litre. The reported average diesel price in Lagos settled at ₦1,808.75 per litre.
Delta marketers announce fresh petrol reductions
In Delta State, petroleum marketers operating in Warri also reviewed their prices downward as competition intensified. Matrix reduced its petrol price from ₦1,352 to ₦1,300 per litre, representing a ₦52 reduction. Parker followed with a ₦50 reduction, bringing its price down from ₦1,350 to ₦1,300 per litre. Prudent also slashed its price by ₦55 to ₦1,300 per litre.
These adjustments brought the average petrol price reduction across the three Warri depots to ₦52.33 per litre. Diesel prices also declined, with Matrix offering the product at ₦1,840 per litre and Prudent at ₦1,850 per litre.
Port Harcourt, Calabar witness price adjustments
Port Harcourt in Rivers State and Calabar in Cross River State were also among the major petroleum distribution centres where depot prices reportedly declined during the review period. However, the available figures did not establish the exact reductions recorded in both locations.
The price adjustments reflect growing competition among marketers seeking to maintain sales volumes in Nigeria's deregulated downstream petroleum market.
What lower prices mean for Nigerians
Although the reductions offer hope of cheaper fuel, motorists may not immediately experience equivalent savings at filling stations. Retail pump prices depend on transportation costs, distribution margins, existing stock and individual marketers' pricing decisions.
Nevertheless, sustained reductions in depot prices could eventually ease transportation expenses and operating costs for businesses, potentially providing some relief to households already struggling with high living costs.
